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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

Updated Median Income Data for Use in Means Test

[fa icon="clock-o"] March 21, 2013 [fa icon="user"] David L. Stevens [fa icon="folder-open'] Bankruptcy

dollar signThe Census Bureau has published updated median family income. Individuals who earn more than the median income are required to take a "Means Test" to determine if they qualify for Chapter 7. The below table lists the median income by family size:

 

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FAMILY SIZE

STATE

1 EARNER

2 PEOPLE

3 PEOPLE

4 PEOPLE *

New Jersey

$61,146

$69,697

$85,016

$103,786

New York

$47,790

$59,308

$69,052

$83,209


For cases filed on or before March 31, 2013, add $7,500 for each individual in excess of 4. 
For cases filed on or after April 1, 2013, add $8,100 for each individual in excess of 4.

 

If you would like help from a New Jersey consumer bankruptcy attorney, contact us for a free bankruptcy consultation today.

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